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(~ <br />`• <br /> <br />--~ eoa~447 ~~~,, 181 <br />eana445 Pli:F 6 ! 3 <br />2. Te rin. The term of this Mining Lease shall be <br />from December ~(, 1977, to and including December 31, 1998, <br />and so Long thereafter as coal is being actively produced <br />from the Property. <br />3. Royalties. In consideration of the granting <br />of this lease, Grace shall pay Lessors a minimum monthly <br />royalty of 5200 during the term of this lease, payable on or <br />before the fifth day of each month. On coal mined, removed <br />and sold under this lease, Grace shall pay Lessors a produc- <br />tion royalty of 5.25 per ton of coal as sold, or 5% of the <br />selling price of such coal, whichever is greater; provided, <br />however, that the 5200 minimum monthly royalty payments shall <br />be recoverable out of any production royalties payable to <br />Lessors hereunder after first deducting any tax which Lessors <br />are required to pay on the production royalty received by <br />them. Any production royalties due Lessors shall be payable <br />quarterly and within thirty days after the end of the quarter <br />in which the coal was mined, removed and sold. <br />4. Lesser Interest. In the event any Lessor owns <br />less than the undivided fractional interest in the Coal set <br />out for his on Exhibit A, then his portion of the minimum <br />monthly royalties and production royalties herein provided <br />for shall be reduced in that proportion that his interest <br />therein bears to the undivided £ractional interest in the <br />Coal set out for him on Exhibit A. Such Lessor shall be <br />entitled to retain only such proportion of the moneys previ- <br />ously paid to him hereunder as such Lessor's said interest <br />bears to the undivided fractional interest in the Coal set <br />out for him on Exhibit A, and Grace shall be entitled to <br />offset all other moneys previously paid such Lessor hereunder <br />against minimum royalties and production royalties which <br />thereafter become due and payable to such Lessor hereunder. <br />5. Taxes. Croce agrees to pay during the term of <br />this lease all general ad valorem taxes and assessments <br />-2- <br /> <br />